Cranford NJ Market Report
As promised, here is a comparison of the Cranford NJ Real Estate Market for the 12 month periods ending June 2008 compared to June 2007.
As you will see below, and as I have discussed in several blog articles the past few months, and shared on consultations with both buyers and sellers, the prices, inventory levels, and sales activity has remained constant (or flat) in the past year. You will notice an increase in the total number of listings (1464, up from 1343), but there was also an uptick in the number of sales (211 up from 205) and a decrease in the number of new listings (197 down from 216). The average price dropped only $15,000 which amounts to a little over 3%, and probably within the margin of error for any statistical study, thus I called it "flat". Not the awful numbers we have seen in other parts of the country, as the media would have you believe is a nationwide housing collapse. The days on market actually went down by 3 days, and the list to sale price ratio has held firm at 97%
So, did prices go down in Cranford at all??? Yes. It just happened between late 2005, and mid 2006. Since then, the town has stayed steady, based on numbers like these.
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So what does this all mean? As I have stated before...If you are selling, price your house right, and hire a solid, professional listing agent. If you are buying make sure your agent does an analysis on the home, and negotiate a fair price, because good homes are selling, and sometimes fast. Just look at these numbers.
Sean Carroll - Realtor, Team Leader
"Team Carroll" of RE/MAX Classic Group
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